Blossom Company bought a machine on January 1, 2017. The machine cost $140000 and had an...
Blossom Company bought a machine on January 1, 2017. The machine
cost $140000 and had an expected salvage value of $24000. The life
of the machine was estimated to be 5 years. The company uses the
straight-line method of depreciation. The book value of the machine
at the beginning of the third year would be
Homework Answers
Answer
> Book Value at the beginning of third year = Original Cost - Accumulated Depreciation of 2 years.
>Working
| A | Original cost | $140,000 |
| B | Salvage value | $24,000 |
| C = A - B | Depreciable base | $116,000 |
| D | Life (in years) | 5 |
| E = C/D | Straight Line Depreciation annual | $23,200 |
| Depreciation expense: | ||
| Year 1 | $23,200 | |
| Year 2 | $23,200 | |
| F | Total Accumulated Depreciation for 2 years | $46,400 |
| G = A - F | Book Value at the beginning of the third year | $93,600 = Answer |
>Correct Answer = $ 93,600
Add Answer to:
Blossom Company bought a machine on January 1, 2017. The machine
cost $140000 and had an...
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Sheridan Company bought a machine on January 1, 2017. The
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Question 4 0.6 points Save Answer Pearson Company bought a machine on January 1, 2017. The...
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Farmer Company purchased machine on January 1, Year 1 for $106,000. The machine is estimated to...
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Machine B: The recorded cost of this machine
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On July 1, 2022, Blossom Company sells equipment for $119000. The equipment originally cost $320000, had...
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Problem 11-1
Blossom Company purchased Machine #201 on May 1, 2017. The
following information relating to Machine #201 was gathered at the
end of May.
Price
$105,400
Credit terms
2/10, n/30
Freight-in
$ 992
Preparation and installation costs
$ 4,712
Labor costs during regular production operations
$13,020
It is expected that the machine could be used for 10 years, after
which the salvage value would be zero. Blossom intends to use the
machine for only 8 years, however, after which...
Sheridan Company bought a machine on January 1, 2017. The
machine cost $136000 and had an expected salvage value of $30000.
The life of the machine was estimated to be 5 years. The
depreciation expense using the straight-line method of depreciation
is
$35333.
$27200.
$21200.
none of these answer choices are correct.
Equipment that cost $110000 and on which $57000 of accumulated
depreciation has been recorded was disposed of for $60500 cash. The
entry to record this event would include...
Question 4 0.6 points Save Answer Pearson Company bought a machine on January 1, 2017. The machine cost $180,000 and had an expected salvage value of $30,000. The life of the machine was estimated to be 5 years. The book value of the machine at the end of the second year would be $180,000. O $150,000. O $120,000. O $60,000
Question 4 0.6 points Save Answer Pearson Company bought a machine on January 1, 2017. The machine cost $180,000 and had an expected salvage value of $30,000. The life of the machine was estimated to be 5 year. The book value of the machine at the end of the second year would be $180,000 $150,000 $120,000 $80,000
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On January 1, 2017, B Company purchased two machines for use in
its production process.
Machine B: The recorded cost of this machine
was $120,000. Dill estimates that the useful life of the
machine is 4 years with a $8,000 salvage value remaining at the end
of that time period.
(b) Calculate the amount of depreciation expense that should be recorded for Machine B each year of its useful life under the following assumption. (1) Company uses the straight-line method of...
On July 1, 2022, Blossom Company sells equipment for $119000.
The equipment originally cost $320000, had an estimated 5-year life
and an expected salvage value of $50000. The Accumulated
Depreciation account had a balance of $189000 on January 1, 2022,
using the straight-line method. The gain or loss on disposal is
$12000 gain.
$15000 gain.
$15000 loss.
$12000 loss.
Problem 9-9A Ayayai Corporation purchased machinery on January 1, 2017, at a cost of $250,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $24,000. The company is considering different depreciatian methods that could be used for financial reporting purposes Prepare separate depreciation schedules for the machinery using the straight-line method, and the declining-balance method using double the straight-line rate. STRAIGHT-LINE DEPRECIATION Computation End of Year Years...
Problem 11-1
Blossom Company purchased Machine #201 on May 1, 2017. The
following information relating to Machine #201 was gathered at the
end of May.
Price
$105,400
Credit terms
2/10, n/30
Freight-in
$ 992
Preparation and installation costs
$ 4,712
Labor costs during regular production operations
$13,020
It is expected that the machine could be used for 10 years, after
which the salvage value would be zero. Blossom intends to use the
machine for only 8 years, however, after which...
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